What is the Fair and Accurate Credit Transactions Act?

The Fair and Accurate Credit Transactions Act (FACTA) was passed by the U.S. Congress in 2003 and is enforced by the Federal Trade Commission (FTC). This act was enacted to help protect consumers from identity theft and fraud. In South Carolina, FACTA requires credit reporting agencies to provide individuals with a free annual credit report that includes all of the information that is collected about them. It also requires credit bureaus and other companies to provide consumers with the opportunity to file a “fraud alert” if they suspect that their information has been compromised. Additionally, FACTA requires financial institutions, creditors, and other companies to take the necessary measures to protect consumers’ personal information. This includes disposing of information that has been collected in a secure manner and notifying individuals of any potential security breaches. FACTA also makes it illegal for companies to deny consumer credit based solely on their race, color, religion, national origin, sex, or marital status. Overall, the Fair and Accurate Credit Transactions Act is an important consumer protection law that helps to keep individuals safe from identity theft and fraud.

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What is the Fair and Accurate Credit Transactions Act?

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